MDM Bank
MDM Bank: S&P Upgrades Russian MDM Bank To ‘BB-‘, Outlook Stable
MDM Bank / Key word(s): Miscellaneous S&P Upgrades Russian MDM Bank To ‘BB-‘, Outlook Stable 12 December 2011 International rating agency Standard & Poor’s has raised the long-term credit rating of MDM Bank from В+ to ВВ- with a ‘stable’ outlook. At the same time, Standard & Poor’s assigned the Bank a ‘ruAA-‘ Russia national scale rating. This rating action was performed in accordance with Standard & Poor’s revised bank criteria and reflects MDM Bank’s adequate capital and profitability ratios, sufficient liquid assets and the declining problem indebtedness in the Bank’s loan portfolio. For further information, please refer to: ‘We view MDM’s capital ratios as adequate. We expect them to continue to compare well with those of other rated domestic banks in the medium term. Satisfactory profitability is supported by a lower cost of funds, stabilized new provisioning, and improved operating efficiency,’ stated in the rating agency’s press release. Konstantin Rogov, the MDM Bank CFO, said of the upgrade:’The decision of Standard & Poor’s to upgrade MDM Bank’s credit rating testifies to the high reliability of our credit profile, our balanced and diversified assets and liabilities structure, as well as our studious risk management.’ Sergey Timofeev, the MDM Bank CEO, added:’MDM Bank continues to follow its conservative business management model, which is conducive to sustainable improvement of the Bank’s credit portfolio quality. We are set for organic growth, and we are convinced that it is this consistent and sustainable business development that results in continuous progress, based on partnership with clients and the professionalism of the Bank’s personnel. The decision of Standard & Poor’s to raise MDM Bank’s credit rating reflects the correctness of the route we have chosen.’.
MDM Bank has operated in the Russian financial market for over 20 years and is one of the most dynamically developing financial institutions of Russia. MDM Bank is among the country’s largest banks by equity and assets. The shareholders of MDM Bank include major international financial institutions such as the International Finance Corporation and the European Bank for Reconstruction and Development. MDM Bank is a modern, universal credit and finance institution offering a wide range of services to corporate and individual clients. MDM Bank today is a dynamic financial institution actively participating in the development of Russia’s economy and financial system. It has over 200 branches operating in 117 cities and towns in throughout Russia. The Bank’s client base comprises of around 3 million retail customers and 35,000 corporate and SME clients who are offered a wide range of financial services. The Bank has a representative office in Beijing. MDM Bank has one of the highest credit ratings from Standard & Poor’s, Moody’s and Fitch among privately-owned Russian banks: Standard & Poor’s (BB-), Fitch Ratings (BB) and Moody’s (Ba2). MDM Bank operates under Banking License 323 of 06.08.2009 issued by the Central Bank of Russia. Global Finance magazine named MDM Bank the best Russian bank of 2010 in emerging markets in Central and Eastern Europe. MDM Bank has consistently maintained a place in the Top-10 lists of Russian companies. Finance Magazine also placed MDM Bank in its 2010 ranking of the 100 biggest Russian companies by valuation. In 2009, The Banker magazine (of the Financial Times group) announced MDM Bank as ‘The Bank of the Year in Russia.’ The Bank had previously received the same award in 2002. MDM won the Euromoney magazine ‘Best Corporate and Investment Banking Management in Central and Eastern Europe 2007’ award. Standard & Poor’s awarded MDM Bank the highest ranking in its study of ‘Transparency and Disclosure by Russian banks’ in 2007 and 2006. The bank was also regarded by Euromoney as ‘one of the leading banks in Russia and Emerging Europe, applying the most advanced standards of corporate governance.’ Between 2003 and 2010, MDM Bank received a number of awards from Global Finance magazine. Further information: http://www.mdmbank.com Investor Relations End of Corporate News 12.12.2011 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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